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Varney Company

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Us 17, Romney 15, New York 14, Sandy 12, America 8, Ho 8, Virginia 7, Obama 5, George Bush 5, Herman Cain 5, Staten Island 5, Chicago 5, Stuart 5, Alabama 5, New Jersey 5, Grover Norquist 4, Starbucks 4, Lyric 3, United States 3, Glenn Hubbard 3,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    November 2, 2012
    9:20 - 11:00am EDT  

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♪ the river has busted through, clear down ♪ ♪ six feet of water in the streets of evangeline ♪ ♪ imus, imus, imus in the morning ♪ >> election alert, the unemployment rate goes up. good morning, everyone, with four days to the vote, judgment on the president, his policy has produced a 7.9% unemployment rate, it ticked up in october. the real unemployment rate stays solidly above 14%. in new york paralysis, it's the nation's largest metropolitan area and the supply of gas has dried up, millions can't drive and for many, there's still no power. it is getting ugly. government doesn't look so good.
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to the polls, who is going to win? depends who you ask and it dehe pends who gets out and votes. minutes from now, the first friday morning poll, we will bring you the rasmussen numbers. jobs, gas, votes. "varney & company" is about to begin.
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>> right to the big story, which is the october jobs report. the unemployment rate rose to 7.9%. 171,000 jobs were created last month. and the real unemployment rate, which tallies those unemployed and underemployed fell ever so slightly, but holding at 14.6%, the economy is not creating enough new jobs to brighten the employment picture. three years after the recession ended we should be creating at least 250,000 new jobs a month. we are not. the economy remains weak, despite record government spending and an extra 5 1/2 trillion dollars worth of debt.
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aust austan goolsbee will be joining us, he helped to write the policies,'s no longer with the administration, he hasn't been here for a while, but returning today. here is how it went last time around. >> stuart, my job is not to do spin just bb to be the policy guy. i think this job reports highlights what strengths we've start today develop and highlight the head winds we're facing and need to do more. on the positive side, this is the 9th straight month of private sector job creation. stuart: okay, now, that was two yearsing. will he say the same thing this time around. find out in four minutes and we'll talk with glenn hubbard, mentioned as a possible treasury secretary in a romney administration. all this have is going to come up for you after the opening bell. well, mitt romney has a new chief executive backing him. paul otellini intel, he's on the
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president's jobs council and he's backing romney. blaming the administration for slow job growth. he box romney's plan to lower corporate tax rates and get rid of certain deductions. to the gas shortage, the biggest metropolitan area in this country is paralyzed by gas shortages. only a small percentage of stations have power and where they are pumping, the lines are stretching for literally miles. and takes hour to fill your tank and those stations are starting to run out of gas. it is getting ugly. tensions, frustrations rising, one driver in queens was arrested for pulling a gun on another driver who confronted him for cutting the line. in our next hour, the gas buddy joins us to talk about where there is gas. if ever there was a time when people needed a gas buddy, this is it. we're going to get both sides of the jobs issue after the break. the closing-- the opening bell coming up next. ♪
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de and ♪ at your local ♪ you can help others alg the way. ♪ ♪ a portion of every bottle that they sell goes to fight ♪ ♪ breast ncer and i think that's swell. ♪ ♪ the more you take, the more they'll pay, ♪ ♪ so make them write a big check today. ♪ ♪ and if you're feeling a little slow, ♪ ♪ then 5-hour energy will help you go. ♪ ♪ so buy a bottle of pink lemonade and ♪ ♪ you can help fight breast cancer today. ♪
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>> all right. when the market opens in approximately 30 seconds, we're likely to see a 50, 60 point gain of the dow industrials. nasdaq up 8 points. the big jobs report, the last big picture before the election. said the unemployment rate went up 7.9. the real jobless rate 14.6%,
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171,000 new jobs created last month. that is the-- those are the numbers that came out at 8:30 eastern time this morning, and that's what this market is in all probability reacting to. we've got other stories making news. the gas shortage in new jersey and new york, we've got that and we've also got the latest polls on the election, but for now this market is now open and it's reacting to that jobs report. we're up about 32 points. that's where you have it. 32 higher. in the first few seconds of business. i'm put it like this, the opening trend is up. and let's get straight to our coverage of the october jobs report. austan goolsbee joins me now from the school of business at university of chicago, i'm calling him one of the architects of president obama's economic policies. austan, welcome to the program. you wouldn't object to that label, would you? you were an architect of these-- >> i don't know, i appreciate you thinking of me, anyway, good to see you again, stuart.
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stuart: now you've got to answer for it. let me put it like this, i think those policies have failed to do what they were designed to do. at the end of four years, three and a half years, we've got a rising unemployment rate and an extra 5 1/2 trillion dollars worth of debt. i'm not going to -- i don't believe you can say that the policies you helped write are a success. go. >> well, look, i'm here to talk about the jobs numbers, if you want to talk about the policy we can do that, too. i think the unemployment rate rising by 1/10 this month, but not mentioning that it fell by 3/10 last month is a little selective in the choices. i think it was terrible down turn. all of the job loss was concentrated in that early period of the administration and over the last two, two and a half years we've added about 5 million jobs, now, that's not as good as the reagan recovery.
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that's well better than the george bush recovery and our modest growth, i agree with you, should be higher. it's also the fastest growth rate of all the advanced countries of the world. the world economy is in a tough spot. so, i think just looking at the conditions in the u.s. and saying it's because of u.s. policy is a little misleading. stuart: okay, what about this 14.6% real unemployment rate. because that's an indication of how it feels out there on the ground. >> yes. stuart: how it feels, it's a political thing, i understand that and it's not pure economics, i do understand that, but that's the reality on the ground. >> no, i'm not disputing that. look, i'm not disputing that the real job market conditions are different than just what the standard unemployment number is. stuart: hold on a second. and. >> wait, wait, wait. here is what i said. we didn't get our money's worth-- we didn't get our money's worth.
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you go an extra 5 1/2 trillion into debt and i expect better than 7.9 unemployment rate and 14.6 real. >> stuart, the 14.6 unemployment rate, you keep failing to mention is is down even more than the regular unemployment rate is down. it was well over 14% before the president ever even got there. so, you cannot compare two different theories and say, look, it's already 14%% stuart: i can say it's-- >> the impact of the stimulus, that was an act passed in 2009 virtually all of the stimulus money has already been spent. we can relitigate whether the conditions would have been tremendously worse or merely much worse than otherwise had it not been there, but i think the question of in the last two years, the economy has grown at a moderate rate, added 4, 5 million private sector jobs, well faster than the economy
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added jobs in the first term of george bush. stuart: okay. >> and faster than anyone else in the advanced world. i think it's at least relevant to say that. stuart: yes, sir, it is, but this is the united states of america. this is-- should be the most dynamic economy on this planet. we do private enterprise. >> yes. stuart: we're not robust, we're not dynamic. we're growing at less than 2% after four years of president obama's policies, policies that you helped to write. look, i'm an immigrant to this country and completely be robust and dynamic and expanding and that's what i expect from america and i'm not getting it. >> you're only getting half of that, i agree with that. stuart: yeah. >> because we had a massive bubble that bubble popped, you can't go back to doing what you were doing before the recession began so you really can't have a v-shaped recovery the way you had in 1982 when the interest rate went town 20%, choked up
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activity and then fell back down to 10% and act returned. stuart: why-- >> what we have is much more like 2001 and a bubble popped and you've got to crawl your way out of it. >> we cut taxes and crew with private enterprise and a couple of wars and we had-- >> stuart, we have added-- stuart, we have added more jobs in the last four years, by more than 1 million than we did in the first four years of the bush administration. stuart: all right. >> following the policies you're describing. stuart: there's no point in relitigating, i accept that. i'm glad you came back to the show. >> my pleasure. stuart: where have you been all these years. >> i've been in chicago, it's like paradise. stuart: if you're not careful, we'll ask you back. >> i'll be happy anytime. stuart: appreciate it. now let's get the romney campaign's reaction and romney economic advisor glenn hubbard
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joins us now. sir, earlier on the program i suggested that you could be the treasury secretary in a romney administration. am i way out of bounds? >> well, i think what's important is that we get a romney administration. today's jobs report is reminder of what it's like to have an economy stuck into low gear and we can change that. >> okay, now, you can change it. can you offer me 4, 5% growth next year, if governor romney becomes the president and puts in place tax reform? can you tell me we're going to get that kind of growth? that's the kind of growth we're used to in america and that's the growth we want in recession. >> i think it's possible in recovery to have 4% growth, but it would require different policies, we'd have to stop the the policy, and budget house in order and we'd have to focus more on energy and regulation and governor romney will do those things. a real recovery is job creation of 250 to 300,000 jobs a month. not stuck in first gear.
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stuart: austan goolsbee said a few moments ago said the four years of the obama administration created more new jobs, net new jobs than the first four years of the bush's first term. is he right? >> i honestly would have to go back and look at the numbers. neither recovery was as vigorous as one might want. but the right benchmark, it strikes me, it was in your conversation with austan, really is the reagan '81-'82 recovery. that, too, was have a very deep recession. that recession also had a sharp financial element to it. we can have a v-shaped recovery, there's nothing about it that makes it not so. stuart: it the key to tax reform, by tax reform, lower rates on corporations and individuals, and get rid of some loopholes, is that the key to it. >> i think it's an important element and what's first key is to remind the american people, we can do this, we can grow more
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rapidly, it requires a different policy mix and yes, tax reform is a big part of it, on the corporate side and the individual side. stuart: glenn hubbard, a pleasure, don't be a stranger, come on back, love to see you. thank you, sir. president obama and governor romney virtually tied in a dead heat. key things that could make a romney victory-- and don't forget a special election varney for you, and on at 9:20 eastern as always and we'll be on at 5 p.m. for the special. let's get back to nicole, i've got two big names moving big time. priceline? show me. >> we're taking a look at priceline as talked about price line less than expected. it's a big winner and up 10%. it's certainly a winner here and europe is the reason it's better. you can hear the shouting because there are actually three
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ipo's today. the first ipo since hurricane sandy restoration hardware, dell logics and this particular party for cross energy partners. stuart: there's a big crowd and i saw priceline up $69, and old dot-com days would have 50, 60. and another one, starbucks, how far is that up? >> we have a lot of big movers, include starbucks in there. they had their profit on the rise and they beat the analyst estimates and they also raised their view for 2013 unlike mcdonald's and chipotle and companies that give out signs, starbucks is a different story and different winner. >> 10% is 10%, we'll take it, the dow is up 27 after the first showers of business, time is money, here we have 30 seconds worth of what else we're watching. huge gas shortages in new york and new jersey, most stations have no power or no gas.
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when you can find a station that's pumping. where can you? we'll ask patrick doohan with gas buddy, if you ever needed one now is the time. now for 2014, a new tax form to ensure that you have health insurance. grover norquist is with us to explain that one. two big stories, the election and the hurricane and his take on the media coverage of both those events. friday mornings, jobs day, seven early movers for you, an equipment maker, alcatel-lucent, remember them, posted a second quarter loss that would be the second loss in two quarters by the way. they're down 10%, under a buck. and they have the-- better than expected profit of the hotel review side, trip advisor and they're up, moving today. technology and media company, active network, expects to lose money this year and next year, it's down 33%. first solar took in less money than expected and it's down a
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fraction. and down two bucks. no, that's not a fraction, that's 8%, a disappointing game maker would be glu mobile, glu mobile is down 17%, and look at the clothing maker, guess who-- no, just guess. and two big top executives have left, down it goes, 9%. better than expected the entertainment company rowe v. they are moving today. and back in 2009, president obama said president obama said he could fix the economy in one term and now he says he needs another four years. and former labor secretary elaine chao is next. we'll talk to her after the break. >> we've made real progress the past four years, but, wisconsin, we know our work is not done yet. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning,
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>> three years ago, three years ago, president obama said this about the economy. >> if i don't have this done in three years, then there is he' going to be a one term proposition. stuart: he's since changed that. now he says he needs more time. here is the president from green bay yesterday. >> we've made real progress these past four years. but wisconsin, we know our work is not done yet. as long as there's a single american who wants a job, but can't find one, our work isn't done. stuart: elaine chao is joining us, the former labor secretary. madam secretary, the president says we'll get back to prosperity if you give me another four years, but i'm looking at the number. 600,000 people came back into the work force, i don't think they found full-time work or high paying jobs. you know the numbers better than i do. what's going on here? >> well, these are not good numbers. i mean, the unemployment rate,
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as i mentioned, you know, with the influx of new workers or return workers, has indeed picked up to 7.9%, and so, the whole employment situation is still at a very, very low point. it's in the doldrums. the labor participation rate ticked up 1/10 of 1%, 63.8, near a 30-year low still and 40% of those unemployed have been unemployed for more than 27 weeks, so, this is actually has been a very disappointing report. now, there's been 171,000 net new jobs created this past month, but at this rate, it's still going to take four to five years, five to six years, before we get back to where we were back in 2008. stuart: actually, madam secretary, i believe that you have to create 349,000 new jobs every month and you've got to keep up that pace for three years. if you did that you get down to 6% again.
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and obviously we're nowhere near that, nowhere near. >> not at all and there are 23 million americans either unemployed or looking for full-time work or working part-time and if you count all those people, the unemployment rate-- the labor underutilization is what it's called, 14.6%, the situation has not changed, improved at all and it's really discouraging. again, we're not seeing new jobs created. you mentioned the 345,000 or whatever number, basically you need about 200 to 250,000 net new jobs created every month, just to keep even with population growth. we have a work force of about 155 million. there are new entrants coming in, return workers coming in. so we need a minimum of 200 to 250,000 net new jobs just to keep even with where we are. stuart: elaine chao. >> the population growth. stuart: we thank you very much for your expertise, were you former labor secretaries you know what you're talking about and we appreciate that
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characterization, appreciate it. >> thank you. stuart: 9:48, going to the gold report a little early. we've dropped below 1700 bucks an ounce. 1695, we're down $20 an ounce as of right now. a big story, here it comes, there's growing outmajor over mayor bloomberg's decision to go ahead with the new york city marathon. it's a real scandal. we're into it. bob...
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>> new york city marathon will go on as scheduled on sunday. that's according to mayor michael bloomberg. >> people said you shouldn't run the marathon. there's an awful lot of small businesses that depends on these people, we have to have an economy, there are lots of people that have come here, it's a great event for new york and i think if-- for those who were lost, you know, you've got to believe they would want us to have an economy and have a city go on. stuart: believe me, folks, this is not going down well. he says, no resources will be i'm not sure whether you can see it or not. a picture, this is the new york post, the cover. two massive generators providing power to the marathon's tent in
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central park. one of those generators is eyed. it's a backup for the other generator. can you see them there? two huge generators. one would fire up a huge office block or house, case closed. who wants to go first, charles. charles: i tweeted a lot about this and almost equated him to nero and some said marie andnet would be better. they love the u.s. open and marathon and comes before anything else and it's amazing, the people in staten island don't count and others don't count and he's tried to hide behind small businesses. that's the worst part and disingenuous, it's about ego stroking. stuart: and this race begins on staten island. >> a mile south of where there is and we're seeing live shots of staten island. there's so much death and destruction because staten
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island bore the brunt this have storm and came in. and new york city, staten island it's like lord of the flies out there. there's no goes, no food, there is no power and here we are, we've got the mayor of new york city who just endorsed barack obama, by the way, talking about the need for a marathon. michael bloomberg is scheduled to give a press conference in about two and a half hours at 12:30 eastern time. he may change his mind on this because the backlash has been so outrageous. stuart: in my opinion, government is not doing what it's supposed to do. charles: i think that's-- >> and help on the ground and the two generalrators should not be in the tent for runners. charles: temperatures are going to plunge this weekend. we need the army corps of engineers, we need there. and let's see him earn a goldstar by giving someone a nobel peace prize. stuart: welcome monica and charles. the company is also fired up to talk about the presidential race
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and how president obama's really handling the sandy recovery. that's coming up in the next hour and plus, the three numbers that may point to a romney victory, we'll bring them to you, this will be new at 10. and grover norquist is back with us, the top tax resacrusader. and a new line for obamacare, you're going to have to reveal personal information. we're cover it all next. scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. monarch of marketing analysis.
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♪ >> new at 10, three numbers that could point to a romney victory on tuesday, this according to chris at fox news.com. despite the negative campaign against him. romney is tied with the president over favorability. over 50%. romney is leading in the early voting 50-42 and perhaps more important, holds a 7 point lead among independent voters. we'll talk about the numbers and the presidential race, all this hour, as well as the jobs report, and the new york, new jersey, gas crisis. and we're doing it with this company this friday morning, fox news contributor, and radio host, monica crowley is with us. charles payne is back, and nicole petallides from the floor of the new york stock exchange. all right. time for a market from check, from get-go. the dow is going nowhere, up one
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point 13-2 where we are. and right to the big story, that's the october jobs report. the unemployment rate rose. 7.9%. 171,000 jobs created, the real unemployment rate, now, that tallies those unemployed and underemployed, that fell slightly, but it's down to just, it's down to 14.6%. still, a very high number. monica, let me start with you. that smacks of flat out mediocrity in terms of performance or worse. >> absolutely, absolutely. this is unfortunately the new normal in the obama economy. this morning, after those jobs numbers were released, stuart, obama's labor secretary, hilda solis distributed candy because she was celebrating the 7.9% unemployment rate. stuart: you're kidding me, are you kidding me? >> i'm telling you, she's photographed it's all over twitter handing out candy to the reporters. they find these numbers a reason to celebrate. this is not the new normal.
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most americans understand that this could be done in the first term. you know, obama is trying to backtrack from his one term proposition deal. president reagan did this in one term and the reagan recovery was all about 500 to a million new jobs created every single month and economic growth of 5 to 9%, we're nowhere near this. this is not a recovery, this is a joke. charles: and a quick cheat sheet. 12.3% unemployed. 8% part final. 2.4% marginally attacked 23 million people your real unemployment number and here is shocking black unemployment rate skyrocketed to 14.3% from 13.4. stuart: in one month? >> yes. stuart: from 13 to 14% black unemployment in one month. charles: skyrocket, but you've got the vote. 98%, it doesn't matter if they're suffering or not. hispanic unemployment is up. what's curious to me, guys, the high school unemployment rate dipped while some college actually went higher. this suggests a couple of things, the jobs we're creating
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retail jobs, mcdonald's and things like that, if you have a college dry you're still resistant. you don't necessariry want to take that, if you have some college you don't want to take that. stuart: the days when the bush administration was harshly criticized and hamburger flipping and we are and there's no criticism. charles: handing out candy now. stuart: i can't believe that. handing out candy to celebrate 7.9. >> yes. stuart: we'll get to that i promise you that. i've got to get to nicole, a stock has gone up and reminds me of the dot-com years, priceline has gone 60 dollars higher? >> mainly, major move for priceline, a market that's virtually flat and we find the stocks that are moving in a big way. in in case, it's priceline and came out with their quarterly report and it's doing really well and they had growth expected to be slower and did well with bookings.com over in europe. anybody who doesn't know price
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line, you get on there and bid the price for the trip and compete with expedia and the orbitz and i'm ready to book a trip anywhere, sunny relax. stuart: and a stock that size, importance, go up 10% from the get-go. nicole, stay where you are, please, not going anywhere. another developing story and this could turn ugly. four days after hurricane sandy hit the new york city area, a crisis, no gas. the lines at stations that have power and gas, the lines, they stretch for miles, and miles. those stations are quickly running out and no one know when more tankers willlbe able to get there and fill them up. i'm saying it's already turned ugly. i think it could get worse, charles to you. charles: absolutely. it will, probably will. listen, if we get down to 30, 23 degrees over this weekend, and we could, right. that's the forecast.
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i'm real afraid. afraid. you and i both live in jersey and i'm truly frightened. i don't know what's going to happen. stuart: where is the the government? shouldn't the government be imposing some order on the supply of gas-- not the supply as much as allowing to go to the stations and get it on odd and even days. >> this is the critical issue and i mentioned lord of the flies in parts of new york stock exchan exchange-- in parts of new york. to your question, this is critical about the role of government. we waste so much money on crap. we waste money, trillion dollar stimulus on shrimp on a treadmill for goodness sakes there's no money left for things that the government should be doing, crisis relief, hurricane relief and handling people in an emergency. charles: and also argue, guys the local government's governor, new jersey, you can't have new jersey in ten, 14,000 a year to washington and beg for it to come back and wait for it to
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come back. emergency sending 2 or 3,000 less and stay in the state. we don't need fema to come. or a guy in faceless building in d.c., what areas of the new jersey to help tomorrow. we could have locals doing that right now and further into fixing it. stuart: by the way, a couple of minutes, an extraordinary story. we've got utility workers who drove from alabama to new jersey and were turned away. their help was rejected because they weren't union members, we've got the story coming up. i promise you, unbelievable. and coming up 10:45 eastern, the man who might be able to show you where to fill up. his name is patrick doohan with good buddy.com annal' be with us 10:45 and another new at ten story here now. in 2014 you'll have to fill out a brand new tax form so the government can verify you have health insurance. joining us now is grover norquist with americans for tax reform, he's going to explain this. you want to explain this? this is a whole new tax form,
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it's because of obamacare. what does the government want to know from me? >> well, under obamacare, you have to buy insurance or they tax you. and so, obama has put the irs, internal revenue service, in charge of enforcing obamacare. and you will have to submit to the government in writing, a statement that you had health insurance, not that you want it, that's not the question. but that the government approves, that they approve, that they decided was okay for you. not only once, but every month you've got to certify that you've got this. stuart: wait a minute, wait a second. every month? >> you've got to prove you were there every month paying for your health insurance. >> you've got to prove it. how would you-- how do you prove this? >> well, that's where the irs will require you to fill out a form and what americans for tax reform did, we took all the things that obama's law, this is the not speculation, this is not regulation, the law says you
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have to do this or you get whacked with $600 to $2400 tax which will grow over time and penalties and interest if you're a little bit late, in order to avoid this tax, you have to fill out a form and send it into the irs. in the form, what's your health i.d. number, and imagine, we just took the straight questions that the laws says and wrote them down in an irs form, and it's a little over a page, but in point of fact the government is probably going to ask for even more than we did. and obamacare tax form.com, you can take a look at what the form will look like and the questions that you're going to have to answer minimum. >> i really want to straighten this out. i'm not sure i understand. according to the terms of the law, as now written for obamacare, you have to tell the irs your health insurance i.d. number. do you have to, and this is just on one tax form, the 1044 in april or a separate form you've
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got to sign it once every month? how does it-- tell me the timing of this? >> you're going to have to prove that you had insurance all 12 months. stuart: oh okay. >> not like i had it on april 15th. that's not good enough for the government. they need to know that you have all year long and the number of questions, i mean, they can call it part of the 1040, but the number of questions you have takes at least a page because you've got to answer all of these questions because the government is very specific about what they insist that you do because it's a very significant tax on you if you don't do what the government says. stuart: extraordinary stuff. grover, look, i'm sorry to cut this short, but glad that you're able to point this out to us, i don't think many people realize what's in store if obamacare comes through. >> that's why they delayed it for a year. they don't want you talking about it before the election. stuart: i'm glad you got in there up front. grover norquist, a pleasure,
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come again and see us soon. >> take care. stuart: early response to president obama's handling of the hurricane sandy, early response very positive. he was touring devastated areas and telling people government red tape would not hold up the recovery efforts. in an abc news washington post poll 78% of likely voters rated his performance, his response as excellent or good. now things are starting to get ugly. staten island new york, one of the hardest hit areas and many people are complaining that just not enough is actually being done on the ground. and the gas shortage that we've talked about already, could turn into a huge problem. what about the president's image doling out the help in times of disaster? joining us now is herman cain. welcome to the cram and glad to have you back again. >> thank you. stuart: do you think that the president's image, which was pretty good in initial response to the disaster, could now be tarnished? what do you think? >> it definitely will be tarnished.
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yes, he did a great job of showing on a timely basis, doing the photo-op. flying around with governor christie, kudos for that. now go talk to the people who are in line trying to get gas. people who have no power, and it's going to get cold. people who don't even have food. people who can't even find their homes, where is all of this help unencumbered by red tape that the president talked about? so, this very high rating that you showed in that poll is starting to go down rapidly because real pain and real suffering is happening. stuart: yes. >> and the federal government and the administration are really not doing anything to ease the pain. stuart: you know, herman, i don't think many people realize outside of this area, you're in atlanta right now. >> yes. stuart: most people outside of the new york area don't realize what it's like on the ground. i mean, it is getting ugly and i pointed out staten island, the president promised to cut through the red tape, get the help right there on the ground. and i've got to tell you,
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herman, it has not happened and in fact, this weekend, new york city's going to run a marathon and that marathon, big deal, 50,000 runners, it will start on staten island, a few hundred yards, maybe a mile from where they're still looking for bodies. so, i've got to tell you that the help really is not there on the ground and things are really turning bad here in new york. go. >> it's really turning bad and that's unfortunate, but if it were not for fox news and fox business, the rest of the country wouldn't know the suffering that you all are showing and i'm glad that you are. because people want to help and they don't know how to help. the federal government is supposed to be a coordinator to get help there. but instead, even though the president said that he cut through the red tape, the bureaucrats go right back to the cubicals and hold things up like they always do. stuart: you used to run dominoes or grandfathers--
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godfathers. >> godfathers. stuart: i'm sorry. could be trouble for varney right here. [laughter] >> okay, now what it's like to be an executive. >> yes. stuart: get things done, do it. make it happen. what would you do if you were the president. >> if i were the president, i would call all of the oil companies that are here in the united states, and i would ask, do you have gasoline tankers that we could send there right now to get people, first of all, some people need fuel oil. people need gasoline, whatever you can do. cut through the red tape. see, one of my principles as a ceo, when you have a problem, go to the source closest to the problem. go to the oil companies and ask them how do we quickly get gasoline into these areas that have been so decimated because of this storm. stuart: i'm shocked to hear you say that. didn't now that oil companies are wicked and only good to be taxed? didn't you know that, herman cain? i'm shocked at you, i really am. >> stuart, i didn't get the memo
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about oil companies being wicked and when i talked to-- when i talked to over 2000 business owners over the last two months as part of our job creators tour, let me tell you they're hanging on for dear life, a lot of them waiting to see what happens on tuesday because they get it, stuart, they get it. stuart: herman cain, godfather's pizza glad i've got it right. >> stuart, i will forgive you, stuart. now i want to add one last thing. i like you, i like mr. payne, charles, but i love monica because she said it so well. >> oh, right back at you herman cain. >> we're wasting too much we spend too much money on crap! >> that's right. >> in this administration, crap!. stuart: that's going to live on youtube. >> monica. stuart: that's going to live on youtube just like my grandfather comment is going to. herman cain, got to go. hold on everybody, and here is the story a shock to me, utility workers from alabama, they drove
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all the way to new jersey to try and help the recovery from hurricane sandy. they were turned away, why? because they weren't members of a union. they turned them away. we'll deal with it next.
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>> story of the day, that will be the jobs report. last big snapshot of the economy before the election. unemployment rate rose to 7.9%,
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this is the politically important number. 7.9. 171,000 jobs created, an improvement, but not a good robust number. look at this, 269,000 fewer part-time workers this month. and these are people working part-time who want more hours, the drop offset some of the unusual increase that we saw last month. the market's not reacting one way or the other right now the dow industrials are stable with a minus 36 reading. four days since hurricane sandy. many hard hit areas of new york and new jersey are not getting the help they need. trees are on power lines, blocking roads. one crew that came all the way from alabama to help turned away because they weren't union. that's the story we've got for you, 90 seconds from now.
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>> i've got another hurricane sandy outrage story. utility crews who drove from alabama to donate their time and equipment to help rebuild new jersey were turned away. their workers were told they cannot help because they would not join a union. well, joining us now is ray harden shall the general manager of decatur facilities. his crews were turned away. ray, thanks for joining us, i want to really straighten this one out. all of the crews that drove up, were they all turned away or just some of them? >> all of our crews that we sent to that area we have now returned to decatur. i did want to clarify, our crews
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were sent up there and ended up in a virginia area in a staging area, they never actually got to the new jersey town that we were head today to support. we were presented with documents from idw that required our folks to affiliate with a union and something that we could not agree to and it was our understanding and still is, that that was a requirement of working in that area. stuart: okay, so your guys, they drove from alabama to virginia, which is a long, long drive, that's over 24 hours, if i'm not mistaken and they get to virginia, and the international brotherhood of electrical workers, the union presented your guys from alabama with papers and said, you either sign these or go home. you don't work. was it like that? >> it was not in person. we were dealing with those documents here dealing with those officials directly from alabama. >> okay. >> we ultimately chose that we
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could not agree to those documents and began looking for other areas that could use our assistance those conditions. stuart: have they set off to alabama or continued north to new jersey to see if they can do help here or what's their status, where are they? >> most of our crews have been stalled in virginia the entire day thursday, and trying to work through the issue and made the decision late thursday to return them and they're on the way home today and should be arriving back in our town late this afternoon. stuart: i find that incredible. mr. hardin, i want to tell you on behalf of all the people in the northeast and virginia, we thank you very much indeed for the effort even though it was spurned. we thank you for the effort and this is precisely the kind of thing, help on the ground, on the ground floor that we in the northeast want and appreciate. thank you for your help, sir, appreciate. >> thank you. stuart: any comment before i explode. charles: you coined a term union thuggery. you know, new york and new
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jersey have the roughest unions out there, these guys are hard core and nothing comes before them, doesn't matter how desperate the situation is, whether education to saving lives. stuart: it wasn't in person, it's not get out of here. charles: intimidation factor although i talked about it on fox and friends and some people say they see people from different states, including alabama and the idea that you would make it so difficult to happen is just mind-boggling. stuart: a magazine endorses president obama, and as a result, after 40 years, i am no longer paying a paying subscribers, i'm gone. they won't get another cent from me. that's the subject of my take, that's next. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments.
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>> breaking news, the latest rasmussen tracking poll shows governor romney and president obama in a dead heat tied right at 48-48. there you have it. we're now just what, four days before the election and still no one has a really clear idea who is going to win. i've got an opinion, but nobody has a clear opinion in the mass of the public. fox news though has pointed out three numbers that could favor mitt romney. first, favorability, despite millions of dollars worth of negative ads and romney is polling around 50% in terms of
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likability. early voting, this is a good indicator of voter enthusiasm and romney has gotten half of early votes accord to go pew research. half of them and independents, latest poll shows romney 7% lead among independent voters. what do you say, monica. >> that independent number is significant and may actually climb. when you look at independent voting going on now, early voting and polling among independents, in the swing states. romney is leading obama by 7 in ohio, and a whopping 21 among independents in virginia and 5 among independents in florida. now, some of those numbers may close up, but what it tells you is that look, races are won in the middle when you're leading by this amount and this percentage, nationally and in the swing states among independents, it looks very good for mitt romney. the other thing to look at, too, it party i.d. which gallop
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showed this week at a record high for republicans, romney leading 10 points in party i.d., voter i.d. stuart: is that big enough to swing the states? >> i would say 5 to 6 points, maybe not. 21, yes. romney is going to win virginia, but we're going to build on that number because according to other polls, romney is ahead maybe by 10 or 11 points so it remains to be seen on election day. stuart: would you call it now? give an opinion? >> well, i have been into a lot of the swing states, speaking at rallies and things and i can tell you, stuart, the energy is palpable on the ground and enthusiasm gap that the democrats enjoyed four years ago is no longer there and now it's the republicans turn and you can feel it. so, just anecdotally and when you factor in the the polls i'll say that mitt romney is going to win by 3 points, my prediction. stuart: monica, thanks very much indeed. >> you bet. . stuart: for 40 years, i've had a subscription to a british magazine, it used to be a beacon
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of free markets, used to enjoy getting it in the mail on a saturday morning and reading it almost cover to cover. today, i canceled my subscription. here is my take on the economist. that's the name of the magazine. they have just endorsed president obama for a second term. now, "the economist" has every nig right to endorse any candidates they choose. i regard this as a betrayal of the magazine's principles and i've been reading it since i was had high school several decades ago because it took a principle stand for private enterprise they use today like markets, free trade and individual liberty. now they've endorsed all government all the time, barack obama. why did they do that? they say america doesn't need a tax cut from mitt romney, no, they say, it's president obama who has a clear path to deficit reduction. he will use tax hikes to cut the
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debt. so they say. incredible! a capitalist magazine endorses tax and spend big government? i've he said many times that the elites are usually wrong, "the economist" is an elite magazine and they're wrong on america. as i said they have betrayed their principles. they have betrayed their own editorial history. goodbye. all energy development comes with some risk,
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>> breaking news on the recovery from hurricane sandy, recorded in someequarters as positive news to the jersey shore. symbolically at least. listen to this, governor christie just tweeted that the atlantic city casinos will reopen immediately. and that the evacuation order has been lifted. and that's positive? okay, okay, i'm not saying. >> priorities, stuart. stuart: you're right, thank you very much. let's get back to the jobs report before i really explode. joining the company from chicago, larry levin with trading advantage. i want a straight forward characterization of the jobs report. 171,000 new jobs and the rate up to 7.9. how would you characterize it? >> i'd say that's pretty much a break even trade i guess is the way i put it. not really going to be so great for obama, not great for romney. kind of break even. you're not going to break any money not going to lose any.
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stuart: i don't think we got our money's worth. we got 5 1/2 trillion extra debt and what do we end up with. a rising unemployment rate and not enough jobs to take care of people in the economy. >> unless they'll figure out a way to build houses on mars or the moon or something like that we're not going to get the jobs back, no he other way to look at it. we've got enough houses and that's where the jobs were, and why we had an economy that we had, but that's over and we're really going to have to deal with, i hate to say it, i guess a new normal, i don't like the cliches, but it is what it is. stuart: we've been using the expression, new normal, slow growth. high rate of unemployment. thank you very much indeed, sir, good luck. at the beginning of the week we thought president obama was responding well to hurricane sandy and scored well in the polls. but now gas lines are long, millions are still without power and brent bozell, founder of media research center, i've got two issues, want to talk about
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how the media responded. first of all, the president's leadership in the aftermath of hurricane storm sandy. go. >> well, it's superb, it's stellar, it is -- it is the almighty coming down to earth, parting the waters and everything else. this has been the -- this is going to be the narrative throughout and-- >> going to stay like that. >> and the part of the question is pardon me? >> will it stay like that and media still give rosie coverage to the president because things are falling apart on the ground and cutting through the red tape that the president promised has not happened. it's getting ugly up here in new york, will the media still cover the president's role positively? >> yes, they'll separate the two stuart at least through election day. look, this narrative is just, the media coverage is out of control and as i've been saying all year, it's a simple formula, if it advances the reelection of
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the president, it's positive. if it attacks it it's negative and i'm sorry, i just lost my audio piece so i can't hear you now. stuart: we're going to work to restore your audio piece and pick it up. ifb and pick it up and put it in your ear and monica, bret just saying, as he always says, look the media is leaning over, bending backwards-- >> what's so absurd about this. president obama flew into new jersey and had a great photo op with the republican governor chris christie and flew over the jersey shore, for this he gets kudos? stuart, this is the bear minimum we expect of the president of the united states. this is what is in his job description, a national crisis, natural disaster on and you don't give him a goldstar for what he's suppose today do, it's outrageous. stuart: and bret has restored his ear piece and can hear what i'm saying, welcome back,
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welcome back. >> now, i turn you off every once in a while. stuart: second issue, look at the tweet from scott mcfarland and he says, u.s. labor secretary just bounced into the studio with a big smile, handing out candy to reporters, loves the jobs numbers. handing out candy to reporters, brent. will the reporters lap it up and their response to the jobs report is going to be oh, it's a wonderful report? what do you think? >> what should be their response to the secretary of labor for doing that? i always ask myself the question, what if it were george bush? what would george bush do? what if this were george bush and his secretary of labor, elaine chao doing that, they would crucify her, they were crucify him for trying to do this and curry favor with the media and spin it to the media, but this is a love fest so they are one and the same thing, stuart. we have to understand that. the national press corps and the obama reelection campaign are
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one and the same thing. stuart: in my opinion, this is the last-- only about 30 seconds, but in my opinion i've never seen the establishment media bend over so far for one specific candidate in 40 years in america. >> nothing. and it's not just bending forehim, but look what they're doing, with the biased by omission, what they are simply not reporting news if it hurts, benghazi, you guys on fox are the onlyyones reporting this. they have put a complete blanket on this catastrophe and this massive scandal. no coverage. stuart: all right. brent bozell, always a pleasure, thank you for joining us as always. >> and neck time my ear piece will work. stuart: we'll get it right. and the now, the untold story if i can put it that way of sandy thus far, the real devastation, across the new york metropolitan area and on staten island in particular. the so-called forgotten borough of new york city, 19 people killed there, including two
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small children, homes destroyed, people without power and yet, they will start the new york city marathon just a few hundred yards from where they're recovering bodies. adam shapiro is live on staten island, now, i've been following your coverage all day from staten island and looks like the people, the locals on the ground, they're really upset that this marathon is going to be starting there. >> yeah, they're angry about the marathon. i want to show you quickly, the end of this street, sanitation finally showed up, helping to clean up some debris, and trucks are here in the area and picking up the debris and take a look at this, we saw a national grid come by, the utility in the area and they've been shutting the gas off, they can't bring gas back to other parts of the island until they make sure there are no leaks. introduce you quickly to a man named bob hillier. this is a guy who lives on staten island, a coffee distribution island that supplies coffee to restaurants
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and he brought out coffee for the people here so they could have a warm cup of joe, say hello to stuart varney and national audience and why did you decide to do this, you decided to give everyone a good cup of joe. >> yes, that's it. these people down here on staten island need all the help they can get. and it would be nice if some other coffee companies or food service companies come down and help out a little bit. >> quick, let me ask you, they're passing out water and the city started doing that, do you think they should be running this marathon this weekend? it's such iconic image of new york city, but is this the time to do it? >> no, i think they should put it on the back burner, there's too much going on in the city, streets and wires hanging down and i think they should put it on the back burner and postpone it. >> bob hillier, i'm going to throw it back to you, the shot down the street. you can't see the big tractor down there, but it's cleaning up debris on hunter avenue an area where an elderly couple died in their house, the area near where
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the two young children were swept out of their mother's arms and unfortunately died, as well. stuart: and occurs it me that that gentleman there, private enterprise doing it himself boots on the ground, doing what should be done. doing the government's job. and next up, the gas buddy responds to the gas crisis, paralyzing new york and new jersey, where can you find gas? we'll ask him. ♪
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>> the big jobs report out this morning, it is the last snapshot of the economy before the election, when people think about the economy, they vote. this is what they will be thinking about. 7.9% total unemployment. that's up from last month. because more people entered the work force. what is called real unemployment, including people who are unemployed, and looking for work, and part-time if they want it, and the number is 14.6%. and as for the stock market, we're down a little. not much, down 50 points for the dow. oil falling, $85 a barrel. for the price of gas nationally, broken below 3.50. if you can find it. in new york and new jersey, gas line and most stations don't have power and huge lines at the few stations that do as they are running out quickly. this could soon turn into a very ugly, major crisis.
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>> the social networking site linkedin, that stock is up big and as unusual, nicole, i want to know why. >> we've check out the numbers and revenue and expectations and profit beat the street. when you talk about linkedin. ceo said the conference call that the on-line service now has 187 million members and the members are spending more time on the website, advertising rates increased and sales from hiring services nearly doubled. so, good day for linkedin.
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stuart: i thought it would be up 10% like starbucks or priceline. >> or priceline or trip advisors, we have some big ones. stuart: if i owned linkedin, i would be happy with a 2 1/2% gain. but microsoft is up and i do own that. and if there's any time for gas buddy, people are in mile long lines, waiting for hours and joining us is patrick dehaan from gasbuddy.com. patrick, i'm about to give you yet another enormous commercial. if i go to gasbuddy.com. will you tell me and give me reliable information about exactly where i can find gas in my home state of new jersey? >> well, stuart, what we're doing now, we've never had this situation arise where there are so many stations out of gas and working on a permanent solution. our i.t. guys are trying to work on this vigorously and fast as possible for now, we've always
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had a comments field when people report prices they can let us know in the comments field whether a station has gas or is out. we're finding out a lot of folks are utilizing that service. stuart: so, you kind of, a loop of people who will say. >> right. stuart: up there on this particular route, there's that particular station and got gas and that's how you're doing it. this morning, when i was driving in very early this morning, on the side of a major highway there was a gas station that was open, they weren't yet pumping gas, but there was a tanker truck had pulled off and behind the tanker truck was a mile of cars stretching as ar as the eye could see waiting for that tanker to unload. so, what you're doing is you're passing around that kind of information, is that correct? >> we're trying to pass around any information we can get. if anybody has information, let us know, we've put out requests on facebook, if people know stations are open, let us know on our facebook page and we'll definitely be spreading any
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information we can get. obviously, stuart next best thing to being where i am here in chicago is to be on the ground in new york and be able to go do that manually, but unfortunately, we're having problems, obviously here in chicago, but our spotters are doing a tremendous job and utilizing any information we can get on what stations are open. stuart: now, i want to characterization on the air. in new jersey and long island, it's a gas crisis and things are turning ugly. from your check of the information, would you agree he with my characterization, crisis? >> crisis, i wouldn't agree with crisis. the things is the stations don't have power. gasoline is underground, it's getting power back. it's not a gas crisis, not a shortage of gasoline, it's a shortage of power and power will be coming back on over the weekend and something that will be temporary in nature much like everything that occurs. stuart: all right, patrick, good luck with gasbuddy.com today and
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i want some commission out of this. patrick dehaan everyone, thank you very much indeed. the mayor of yonkers, new york, signed an executive order limiting gas purchases in his city to ten gallons per customer and he's coming up on fox business on at 12:15 eastern today. and thousands of businesses all over the east coast are closed, hurricane sandy breaking havoc on the economy. how bad will it get? up next, a new york-based owner tells us how he expects to recover or otherwise.
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>> the new york city area is devastated by hurricane sandy. and now crippled by a gas crisis, this is bad news for local businesses and many employees can't get to work and customers can't get to the stores and joining us now is mitch modal, the ceo of sporting goods. welcome to the program. >> thank you. stuart: i'm saying this area where you do a lot of business, 120 stores in this area, it's devastating. is it turning ugly? >> now what, we're trying to get it under control right now. we have 22 stores still closed without power, but our executive team and our stores-- >> can you get your employees to work? can you get them there? >> we've set up vans, from the bronx, queens boroughs, into manhattan and the stores have
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done an inhuman effort to get to them. stuart: how big a hit are you going to take, when you look at your bottom line and sales not made. how big a hit? >> it could be close to 8 million dollars when we're done. stuart: 8 million? >> 8 million. i'm not going to ask you what proportion of your revenue that is, but 8 million is a big hit. >> correct. stuart: and outside the new york area, they're saying you're pathetic bit of yankees, not knowing how to deal with a power outa outage. what do you say. >> the key is calm and communications and we've been on the phone all day with our associates and most important is the safety and welfare. stuart: do you think this city is going to stay calm if we go through a weekend of no gas, no juice? >> that's definitely an issue, but. stuart: sure is. >> as long as we get the mta running and con-ed puts the power. stuart: gentlem!!yeah, as long .
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stuart: it's not there yet in new jersey. >> you've got stores in new jersey. >> my daughter is on-line hours to get there. >> and the temperatures people of new jersey, hot under the collar. >> and people setting up lines to make sure that the gas lines stay under control and they don't kill each other. stuart: we wanted to tell everybody outside the area how bad it is, and i think you did. >> it's brutal. stuart: one other issue, you are the undercover boss tonight aren't you? >> correct, tonight's season's premier, an unbelievable episode. anybody that's got a family business or loves people in general, it's a must-see show tonight. stuart: did they catch you doing anything nasty? >> one associate said i was intoxicated. i hope they're not airing that tonight. [laughter] >> mitch modell, ceo of modell sporting goods. in a difficult situation, thank you. next for you. t reel coming up tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong.
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stuart: big news day so big highlight reel. role they hated a good job of showing up on a timely basis. the little bureaucrats go right back to the little cubicles and hold things up like they always do. we spend too much money on crap. [ laughter ] [talking over each other] stuart: this could be trouble right here. get me out of it. connell: thank you. dagen: let's bring you up-to-date on what is happening right now on the wake of hurricane sandy did the focus turning to staten island.

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